Stop IMMO: What do experts think about bankers invading the crypto space?

[davidspitzer]

News about IMMO.

Recently, there were lots of discussions about mysterious IMMO cryptoproject created by banking dynasty, theories about what it is and even Vitalik Buterin have made a tweet about it. The last article on it aggregated several experts' comments and opinions on IMMO cryptocurrency and institutional investors from traditional economy that are getting into cryptoindustry. Especially interesting the attitude of Tim Draper that has said:  "Some of these Tethered cryptocurrencies, such as IMMO, will make some sense, tethering currencies to real estate so that it is more easily tradable for instance".
Other famous cryptoenthusiasts also express their attitude.

What do you think about it? Can IMMO significantly influence the cryptoindustry?


Source: https://cryptopotato.com/stop-immo-what-do-experts-think-about-bankers-invading-the-crypto-space/

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[Hydrogen]

"Some of these Tethered cryptocurrencies, such as IMMO, will make some sense, tethering currencies to real estate so that it is more easily tradable for instance".

Source: https://cryptopotato.com/stop-immo-what-do-experts-think-about-bankers-invading-the-crypto-space/

Construction of housing and living spaces hasn't kept pace with population growth. This leads to heavily inflated cost of developed real estate and rent expenses. Average salaries also have not kept pace with the growing cost of living. Over the long term both of these precedents could contribute towards creating a bubble.

I'm not certain how tethering crypto to real estate might make a difference, here. It could have positive implications in terms of crypto not losing its purchasing power as quickly as fiat currencies being printed @ increasingly high volume are. Other than that small potential benefit. It wouldn't address nor solve any of the real issues intrinsic to housing markets / real estate.

One potential comparison here revolves around similarities to real estate markets and deflationary crypto currencies. The construction of new housing failing to keep pace with population growth could parallel a world where the number of total bitcoins produced will decrease over time.

Other than that, I hope this will be really cool but off the top of my head I can't see a massive positive benefit to this.

[davis196]

I don`t understand the whole idea.Is it about creating a cryptocurrency backed by mortgages?
We already have mortgage obligations(I don`t know is this the name they call them).And the banks sell them all the time.How can a cryptocurrency replace those obligations?Perhaps the bankers just want to create some kind of an "investment" product and offer it to the crypto investors,because they know that the crypto investors like higher risk.

[Circles]

It's not a good thing, because bankers will not hesitate to manipulate things more than they are.

[poptok1]

It's not a good thing, because bankers will not hesitate to manipulate things more than they are.

But the article says that this IMMO is just a private, inner blockchain for Rothschild family, to count and manage enormous riches they obtained over the years. Paragraph later they speculate that it will be entangled with real estate but I think that it is still with connection to private belongings of said family, not for commercial use.
Either way, we can't just say: STOP Mr Bankster, you are not allowed in to our world! 
If they want this technology, they will have it. All we can do is to vote with our wallets. Just don't buy it.
BTW imagine how rich one has to be to take in to consideration the usage of blockchain accounting... crazy   

[Kakmakr]

Nobody expected that the Banking industry will sit back and just accept that they might be disrupted by Crypto currencies. They are fighting back with everything they have and that includes making use of the technology that wants to disrupt it.

The main question is, how will this be received by the general public and with Crypto enthusiasts all over the world and will this be forced by the governments. 

[hardtime]

The plain and simple truth with a new industry is that people are going to come in in droves in order to get as much of the market-share as possible (as then as much of the profits as they can) Crypto trading is something that the bankers could get involved in, and then could use their power (political and such) in order to avoid a large amount of regulations for their crypto companies. Also, I wouldn't say they're 'invading' the crypto space they're investing money like everyone else in order to gain a foothold on an industry. While people may not like them, they're supporting innovation.

[Cryptoandrius]

Of course, it will influence the market but the outcome can be positive also because it can add more legitimacy to cryptocurrency market. But there may occur more control from institutionals that can be harmful to the development of crypto. Though, it's too vague for now to judge correctly.

[linesretweetG]

They will probably take the "financial control" of cryptos soon or later.
If they join and they start to manipulate this unregulated world... god save us!

[Tom Korsteng]

The best defense is to attack that is why bankers are invading the crypto market in order to establish their own rules and gain control of it. They dont want to lose their dominance because digital economy has lots of advantages over traditional one. They wont stop until the new industry will be under their supervision. The only way to stop them is to cooperate and support other cryptocurrencies that are made by ordinary people in favor of principles of decentralization.

[Deubila]

Nobody expected that the Banking industry will sit back and just accept that they might be disrupted by Crypto currencies. They are fighting back with everything they have and that includes making use of the technology that wants to disrupt it.

The main question is, how will this be received by the general public and with Crypto enthusiasts all over the world and will this be forced by the governments. 

The bank is gradually losing its position in the leading economic power. They are thinking they are working for economic organizations and they are less profitable. This proves that financial ambition is the core element of every action. Being unadvised as before does not have huge profits that can lead to many unpredictable things here.